Dirt-Cheap Las Vegas Home Prices at 20-Year Low

The price of existing Las Vegas homes -- as well as new home sales -- fell to their lowest levels in 20 years, according to a new report. SalesTraq.com reported that the median price for a house bought in the Vegas Valley in January 2011 was just $109,000. That's 9% less than Jan 2010 and the lowest since 1991!

Here's the kicker: according to many real estate experts, including Larry Murphy the president of SaleTraq, home values will probably keep falling for the rest of 2011. That's mainly because of all the dirt-cheap foreclosure sales going on in Vegas. According to Murphy:

"We will continue to see a significant number of foreclosures in the near term for this market... Still, given the nature of the Las Vegas economy, we expect a higher proportion of short sales later in the year."

Houses sold at foreclosure auctions in Las Vegas sold for a median price of $92,500 in January. But even normal homes are going for unbelievable cheap prices, with over 1000 of them selling for a median price of $110,000 in the same month!

Experts believe that short sales, which currently account for about 20% of all Las Vegas home sales, are the only thing that will eventually cause a rise in prices. That's because about 70% of Vegas mortgages are still underwater. That should, in theory, lead to many more short sales and a bump in home values over the long term.

But here's the bottom line: Las Vegas houses are SUPER cheap right now and will most likely continue to sell at low prices for at least the next 6-9 months. So, if you've got the cash, or at least the desire to live in the Vegas Valley, NOW would be a great time to buy a home here! (Special Note: All of our editors are currently house hunting and plan to buy new homes this year!)

Learn some mo': Price of existing homes at 20-year low in Las Vegas